Finance
A Kentucky property with a $300,000 value and a $200,000 first mortgage has a second mortgage of $50,000. The combined LTV is:
A67%
B75%
C83%✓ Correct
D90%
Explanation
Combined LTV = (First + Second Mortgage) ÷ Value = ($200,000 + $50,000) ÷ $300,000 = $250,000 ÷ $300,000 = 83.3%.
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